Seller Information

Are You A Ready, Willing, And Able Seller?

April 19, 2012 by admin

: A SOLD Sign Is Not Without Effort

In real estate parlance a ready, willing, and able buyer is a buyer who is prepared to comply with terms and conditions of a purchase contract and has the financial ability to complete the transaction.

On the other side of the transaction is the seller, who many times in today’s marketplace do not seem ready, willing or able to participate in the transaction.

Let’s start with the seller who imposes stringent and restrictive showing instructions on agents and prospective buyers. In the past several weeks I have encountered several instances of sellers denying appointments in many strange ways.

During a rather bizarre appointment attempt to visit a rowhome in the city I knocked on the door, the homeowner answered, and I introduced myself and my client, and said we were here to see her home, we had a confirmed appoitment – to which she replied. “This house is not for sale”. My client points up to the rather large FOR SALE sign hanging on the porch and says I am looking for a home and would like to come in – request denied – we were turned away.

There are not many certainties in life and real estate, but one thing is most rather certain, the person who buys your home will definitely want to see it, and you never know beforehand just who that buyer is going to be. As a seller you must be willing to be flexible in your showing your home. In a time when even an getting an appointment is a cause for celebration for many sellers, you just can not afford to deny showing opportunities, period.

Three weeks ago I was showing homes to a client from out of town, a cash buyer who had sold his home, living in temporary housing, and was the model of the definition of ready, willing, and able. It was approximately 10:00 AM on a Thursday and we were reviewing the listings we had already scheduled to visit for the day. We decided to take a further look at some additional homes that we could take a look at, and came across one that he thought looked promising. I called an requested an appointment for 4:00 PM later that day – 6 hours later, not unreasonable! After about 10 minutes I received a call back from the scheduling service that the seller denied the appointment, and said it would be more convenient for her if we could schedule the appointment for Saturday afternoon. Well it was decidedly most inconvenient for my client, and he thus struck that home off the list of potential homes, he never did go see the place.

There are a number of listings that carry 24 notice, overnight notice, no showings between certain hours, etc. and terms that I consider unreasonable. These terms can have a very detrimental effect on the number of potential buyers that will want to visit your home. You can not depend on agents and clients to plan showings many days in advance and acquiesce to your terms, many requests are spur of the moment and you must be ready to show you home on a fairly short notice.

I think it is reasonable to impose a two or three hour notice on showings, but beyond that you are risking turning away a potential buyer that in all likely hood will move onto something else and not ask to see your property in another go around. The age of instant consumer gratification is upon us, and this trend extends into real estate.

Make sure you are a ready, willing and able Seller!

Wallingford Real Estate – Wallingford, PA 19086

Comparable Sales – The Tool Used To Establish Market Value

April 11, 2012 by admin

: Comps Establish Values For Both Buyers And Sellers

One of the most frequently heard terms in real estate is the word comparable sale or comps for short. Comps is a real estate appraisal term which refers to properties that are similar as possible to the subject property whose value is being established.

Gathering comps is a vital ingredient of the establishment of the listing price of a home for a seller, and for determining a buyer’s offering price for a home that is listed for sale.

A practical definition of a comparable sale:

A comparable sale is sale that would be considered an alternative choice to a buyer considering a subject property

A comp for a property should possess as many as possible of the same characteristics and amenities of the subject property. These traits include, but are not limited to physical compatibility such as square footage, number of bedrooms, location, condition, home style, and age. The conditions of the sale, financing terms, local market conditions also factor into the valuation of a home.

When looking for comps real estate agents and appraisers look for similar properties in the same town or boro, and within the same school district as the subject property. The school district compatibility is important due to the large factor a district and it’s reputation and taxes play in the market value of a home. However the school district does not play as an important factor as the town or boro of the property. Locally for instance, it would not valid to compare a split level home in Swarthmore with a split level home in Wallingford.

When establishing value for a home it is common practice for appraisers to look for 3 to 4 settled listings with the same characteristics of the subject property, and the combination of either 1 Pending and Active listing, or 2 Active listings. Obviously the final sales price of a Pending or Active listing is unknown, but an estimated sales price can be extrapolated based upon the percentage of selling price to the last price data that has been established by similar settled listings.

For a more accurate depiction of a home’s market value it is preferable to use homes that have sold within the last 3 months, and at maximum homes that have sold in the past 6 months. Market volatility over a longer period of time can skew the results of the use of properties that have sold outside those time parameters.

The number of bedrooms will trump a home with a the same square footage that has one less bedroom – the value of a home with an additional bedroom will have a greater market value. Also location plays a big part in the valuation of a home as it pertains to a home’s proximity to a busy road. It is not uncommon to see the value of a similar house on a double yellow line road be $10,000 to $15,000 less than a home located on a neighborhood street.

The task of finding comparable sales can become challenging in slow market conditions that we have experienced over the past several years, or when a property is unique – such as a historical home among an area of new homes. In such conditions the gathering of comps may use the inclusion of properties that normally would not be utilized, and by using price adjustments, increasing or decreasing the value of the subject or comparable property, for traits that are present or not present, derive at a valuation of a property.

Comps play a vital role in establishing the value for a property for people on either side of the buying and selling fence. A agent should put the time into gathering valid comparable data for his/her client. Don’t buy or sell a home without it!

Wallingford Real Estate – Wallingford, PA 19086

Wallingford PA Real Estate – 1st Quarter 2012 In Review

April 4, 2012 by admin

1st Quarter Wallingford Homes Sales Incresase 38% Over Last Year

Sales of Wallingford PA homes posted a strong showing in the 1st quarter of 2012 when compared to the same period of last year in terms of number of homes sold – 25 this year versus 18 in the 1st Quarter of 2011.

Condominium and townhouse sales activity in the quarter was very weak. There was one 1 condominium unit at Crum Creek Valley sold, and no townhouses sold in the first 3 months of this year.

The interest in local townhouses in Putnam and Weston Villages has been noticeably low for quite some time now. The inability of buyers to obtain FHA financing for local townhouse communities plays a big factor here. Weston Village lost it’s FHA approval last summer, and sales have suffered as a result.

The average price of Wallingford PA homes for the period of January through March, showed a steep drop of 22.2% over the same time last year.

Much of this decline can be attributed a larger number than usual of homes selling at $100,000 or lower. Last year there were 2 homes in this category, this year there were 6. This was also reflected in the median price in the 1st Quarter 2011 registering at $212,000 versus $253,900 in 2011.

Days On Market was just slightly higher than last year, 181 compared to 172 last year.

Interest rates remained at record low levels, and the affordability of homes has also reached record levels, but these favorable conditions have not generated the anticipated buyer interest.

There were 6 Wallingford PA homes sold in January 2012, 9 in February 2012, and 10 sold in March 2012 to finish up the quarter.

Home prices ranged from a low of $45,100 to a high mark of $545,000 for the quarter.

WALLINGFORD 1st QUARTER 2012 vs 1st QUARTER 2011

	*SALES*	*AVERAGE*	DOM	*STL TO ORIG*	*STL TO LAST*
2011	18	$285,900	172	87.06%	93.55%
2012	25	$222,298	181	83.07%	92.86%
	38.8%	-22.2%	5.2%	-3.99%	-0.69%

Initial asking prices continue to indicate overpricing relative to the market, evidenced by sold prices being only 83.07% of original asking price. It would be safe to say that most sellers do not anticipate having to reduce their initial asking price by almost 17% in order to get a buyer. A 16.93% decrease amounts to a selling price of $220,497, based upon the average original price of $266,436 for the quarter – a dollar amount of $44,939!

Details of Wallingford PA homes sold in the 1st quarter 2012 and Wallingford PA townhouses and condos sold in the 1st quarter 2012.

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford PA Real Estate – March 2012

April 3, 2012 by admin

Wallingford Real Estate - Wallingfor, PA - Taylor Arboretum

Cherry Tree Blooming At Taylor Arboretum

WALLINGFORD PA REAL ESTATE – MARCH 2012

March 2012 Wallingford PA sales bested March 2011 by 2 units – 10 homes sold versus 8 in March 2011. The average selling price posted a 12.6% gain over last year’s average, coming in at $241,495. Selling prices of these homes was almost 19% off the initial asking price, which continues the area trend of initial listing prices being out of line with the market. Seven of the 10 homes sold took at least one price reduction before attracting a buyer. The time it took to go under contract saw a big drop of almost 21%, from 226 days last March to 179 days this March.

There were 10 Wallingford PA homes sold in March 2012.

WALLINGFORD PA HOMES SOLD – MARCH 2012

Address	Bed	Bath	Price	Settled
619 West Brookhaven Road	3	2.0	$212,000	03/09/2012
433 New Jersey Avenue	3	1.0	$103,500	03/15/2012
22 Chestnut Parkway	5	1.5	$61,450	03/16/2012
214 Sherwood Lane	4	3.5	$360,000	03/16/2012
634 West Wiltshire Drive	3	2.5	$190,000	03/23/2012
720 Pine Ridge Road	5	3.5	$495,000	03/23/2012
101 Brent Drive	3	1.5	$185,000	03/26/2012
308 West Rose Valley Road	3	2.5	$165,000	03/29/2012
806 Pleasant Hill Road	3	2.0	$320,000	03/30/2012
120 Locust Lane	4	2.0	$323,000	03/30/2012

These 10 Wallingford PA homes were on the market an average of 179 days, with the average sold price representing 81.35% of the original asking price, and 91.82% of the last asking price.

Days On Market

– 619 West Brookhaven Road- 49 days

– 433 New Jersey Avenue- 556 days

– 22 Chestnut Parkway – 218 days

– 214 Sherwood Lane – 276 days

– 634 West Wiltshire Drive – 324 days

– 720 Pine Ridge Road- 24 days

– 101 Brent Drive – 29 days

– 308 West Rose Valley Road – 134 days

– 806 Pleasant Hill Road – 172 days

– 120 Locust Lane – 10 days

Financing Methods

– Conventional Mortgage -7 transactions

– FHA Mortgage – 2 transactions

– Cash – 1 transaction

There was a Seller Assist associated with 5 of the 9 Wallingford PA homes sold in March 2012

– 619 West Brookhaven Road- $12,720

– 433 New Jersey Avenue- $6,000

– 214 Sherwood Lane – $1,000

– 634 West Wiltshire Drive – $5,000

– 308 West Rose Valley Road – $4,950

– 120 Locust Lane – $9,600

214 Sherwood Lane and 308 West Rose Valley Road were reported as Short Sales.

Wallingford March 2012 Activity vs March 2011

	*SALES*	*AVERAGE*	*DOM*	*STL TO ORIG*	*STL TO LAST*
2011	8	$214,500	226	81.5%	90.51%
2012	10	$241,495	179	81.35%	91.82%
	25.0%	12.6%	-20.7%	-0.15%	1.31%

April is scheduled to be a busy month for settlements – 14 homes are slated to settle in April, and 9 are already on the schedule for May. We are headed into the peak settlement time of the year!

SWARTHMORE REAL ESTATE – MARCH 2012

Wallingford Real Estate - Swarthmore College Campus - Kohlberg Hall - Swarthmore, PA 19086

A Game Of Frisbee Seen Through Kohlberg Hall Courtyard

5 Swarthmore homes sold during the month of March 2012.

SWARTHMORE HOMES SOLD – MARCH 2012

Address	Bed	Bath	Price	Settled
312 Cornell Avenue	6	3.2	$485,000	03/08/2012
801 Yale Avenue – Unit 1103	1	1.0	$70,000	03/19/2012
612 Hillborn Avenue	4	2.5	$705,000	03/26/2012
536 Westminster Avenue	3	1.5	$285,000	03/30/2012
315 Vassar Avenue	4	2.5	$275,000	03/30/2012

March 2012 Swarthmore home sales increased by 3 units over March 2011. Five Swarthmore homes sold for an average price of $364,000, an increase in the average price of $21,500 – 6.3% higher than last year, and were on the market an average of 197 days, fetching 90.57% of original asking price.

When compared with March 2011, Days On Market increased substantially by 91 days on average.

Days On Market

– 312 Cornell Avenue – 244 days

– 801 Yale Avenue – Unit 1103 – 363 days

– 612 Hilllborn Avenue – 13 days

– 536 Westminster Avenue – 274 days

– 315 Vassar Avenue – 90 days

Financing Methods

– Conventional Mortgage – 4 transactions

– Cash – 1 transaction

No distressed sales – Short Sales or Bank Owned Foreclosures were reported.

Swarthmore March 2012 Activity vs March 2011

	*SALES*	*AVERAGE*	*DOM*	*STL TO ORIG*	*STL TO LAST*
2011	2	$342,500	106	87.78%	93.44%
2012	5	$364,000	197	90.57%	95.74%
	150.0%	6.3%	85.8%	2.79%	2.3%

Looking ahead, 6 properties are schedule to settle in April and another 6 in May.

Wallingford Real Estate – Wallingford, PA 19086

Did You Get A Building Permit For That?

March 31, 2012 by admin

Building permits are required in most municipalities for many repairs, improvements, construction, modifications or demolition work on a house.

While it may seem costly and time intensive, the permitting process and subsequent inspections help protect your family from safety risks like structural failures, fire hazards caused by electrical and heating systems, and electrical shock.

In addition, work done without a permit can come back and haunt you when it comes time to sell your home. Here’s why:

– Home sellers must disclose repairs or additions to potential buyers. There is a specific section on the Seller’s Disclosure asking if any additions or alterations were made to the home, and if permits and final inspections and approvals were obtained. If work is done without a permit, the buyer may demand that the seller get the work permitted and inspected by the local municipality before the transaction can be completed, or ask for a reduction in the sale price.

– If it is found that you have done non-permitted work to your home, you could be fined between three and 10 times the cost of the permit, erasing any financial savings from not getting a permit in the first place.

– In some cases, cities can force you to undo the work (or parts of it) to ensure that the underlying components were constructed safely. It’s easy to see how this could complicate a home sale.

Even if you are not selling your home, you should be aware that some insurance companies will deny a claim if a fire originates in, or another problem stems from, an illegally constructed area. For many reasons, it makes sense to get the proper permit required by your local municipality for any home construction or repairs.

Looking for information regarding Nether Providence Township Building Permits?

Wallingford Real Estate – Wallingford, PA 19086

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WALLINGFORD PA REAL ESTATE – MARCH 2012

WALLINGFORD PA HOMES SOLD – MARCH 2012

SWARTHMORE REAL ESTATE – MARCH 2012

SWARTHMORE HOMES SOLD – MARCH 2012

S. Clark Kendus